Boring Bitcoin Report

The biggest event in Bitcoin last week was the closure of the NY Department of Financial Services “BitLicense” comment period on Tuesday. Many companies and individuals held off on submitting comments until the very last day. BitPay urged the NYDFS to not implement new rules that would create an uneven playing field with existing payment systems. The NYDFS will review these comments then submit a revised BitLicense proposal, which will be followed by another comment period. Superintendent Ben Lawsky said that the BitLicense is on schedule to go into effect by the end of 2014, or beginning of 2015.

Click on the headlines for links to the full stories.

Summary of Government Related Initiatives

Breaking: FinCEN Issues Two Rulings on Virtual Currencies

Today the US Department of the Treasury Financial Crimes Enforcement Network (FinCEN) issued two administrative rulings regarding virtual currency. These rulings apply to Bitcoin exchanges, trading platforms, and payment processors and give additional clarity as to what type of digital currency companies, products and services and should be registered with FinCEN as money services businesses (MSB). Some companies that originally thought they were exempt from such regulations may now have to register with FinCEN and enact compliance programs.

Summary of Industry Initiatives

Coinbase Promotes Security Through Bug Bounty

Coinbase has been encouraging white hat hackers to help improve Coinbase’s security with bug bounties. Just recently, however, Coinbase announced a partnership with HackerOne that would not only help Coinbase’s security but also let ethical hackers collect their bug bounties in bitcoin. Hackers who choose the bitcoin option are encouraged by the 5% bonus that is passed on from the savings in fees. So far Coinbase has paid 62 hackers for the 88 bugs that have been discovered.

Digital Currency Exchange Cryptsy Faces Lawsuit Over Security Breach

Cryptsy, a popular digital currency exchange that features bitcoin, USD, and many other altcoins, is facing a lawsuit filed by Silver Law Group. The Florida law firm is also bringing a lawsuit against Trendon Shavers and Bitcoin Savings & Trust, a Bitcoin-related HYIP that has previously been prosecuted by the SEC. The law firm hopes that this lawsuit against Cryptsy, which documents a security breach that might have affected more than one customer, will inspire a class action suit. Cryptsy responded to the lawsuit on their blog and said the compliant “is without merit.”

Blockstream’s SEC Filing Shows The Company Has $15 Mil In Funding

An SEC Form D filing from earlier this month reveals that Canadian company Blockstream has already raised over $15 million in funding, although the funding round is still not over, and the final numbers are not yet set. The SEC filing also revealed that Reid Hoffman, the co-founder of LinkedIn, sits on Blockstream’s board of directors.

Bitnet Raises $14.5 Million In Series A

Newly founded this January, Bitnet, an enterprise-scale digital currency platform, secured $14.5 million in their Series A round. This brings the total investment in Bitcoin companies up to $288.75 million in the year-to-date, according to a CoinDesk VC report. The Series A round was led by Highland Capital Partners and included Webb Investment Network, Bitcoin Opportunity Corp., Stephens Investment Management, Commerce Ventures, Buchanan Capital Management, and former VISA CEO Carl Pascarella. Rakuten, the Japanese e-commerce company, also made an investment and plans to begin using Bitnet’s services.

Bitcoin Loaning Company Receives New Investment

Personal loaning company BitLendingClub announced this week they have raised $250,000 in a recent investment funding. The funding was led by LAUNCHub, a European VC group. BitLendingClub allows for peer-to-peer lending where lenders and borrowers can agree upon interest rates for loans. The company launched in May and has loaned over 2,500 Bitcoins. LAUNCHub believes the expansion of a loaning company in Eastern Europe is a powerful way to expand Bitcoin in the region.

BitFury Invests in GoCoin Exchange

BitFury Capital, the investment wing of the BitFury Group has announced that they are investing in the digital currency processor GoCoin. GoCoin enables businesses to accept bitcoin and other digital currencies and can immediately transfer them into local fiat currencies. BitFury believes that by investing in GoCoin it can enable merchants to grow and allow for greater adoption of digital currencies.

Draper University Offers Free Bitcoin Course

Draper University, an entrepreneurship program led by Tim Draper, is offering a free Bitcoin education course on Udemy, an online learning platform with over 4 million students. The course is taught by ZapChain’s Matt Schlicht and features interviews from thought leaders in the industry with venture capitalists, engineers and Bitcoin company founders. The course is designed for individuals who are new to Bitcoin. Interested participants can sign up here.

Silk Road Lowered Drug Related Crime

A recent study by the University of Montreal and University of Manchester reported that drug related crime was reduced by the use of the online drug market, Silk Road. Research produced by the team has detailed a significant amount of drug transactions were between different drug dealers, and not drug users. Using a digital market such as Silk Road enables dealers to make more peaceful transactions between consenting parties, wherein both parties can avoid potential violent confrontation that is all too common in drug transactions.

Picture of the week

 

Our picture of the week was submitted by Jenna Lash, Neo-Pointillist Currency Artist.

 Quote of the Week

“Bitcoin is the opposite of PayPal, in the sense that it actually succeeded in creating a currency.” Peter Theil, PayPal Co-Founder

Tweet of the Week 

“Should governments regulate Bitcoin or should Bitcoin regulate governments?”

— Peter Todd (@petertoddbtc) October 20, 2014

The comment period for the NY Department of Financial Services “BitLicense” proposed rules and regulations ends this Tuesday, October 21. The industry is intensely fixated on what this means and if it will become the Bitcoin regulatory structure for NY and around the US. Superintendent Ben Lawsky spoke at Cardozo Law School last Tuesday and said a second BitLicense proposal from DFS is in the works, which would start the comment process all over again. At the exact same time, the British Consulate hosted an event with Hedgeable welcoming Bitcoin startups to the UK. Elizabeth Stark and Austin Walne launched the NY Needs Bitcoin Initiative as one last push to get the community active in the debate. The most difficult detail the industry is grappling with is how to replace government regulation with industry developed technical solutions, when these technical solutions are still in the process of being developed. How to regulate with stifling innovation is the question.

Click on the headlines for links to the full stories.

Summary of Government Related Initiatives

Lawsky Clarifies That Developers And Miners Exempt From BitLicense

While speaking at Cardozo Law School in New York on Tuesday, Superintendent Benjamin Lawsky clarified that Bitcoin developers and miners would not need a BitLicense. Good news. Furthermore, he revealed that the NYDFS would have a revised BitLicense draft up by the end of the month. While his rhetoric seemed positive, there is still not a technical solution that uses blockchain based technologies to meet reporting requirements or a solution to exempt startups or small businesses, which could stifle innovation.

Ross Ulbricht Delays Silk Road Trial After Losing 4th Amendment Battle

Ross Ulbricht of Silk Road infamy was scheduled to face trial on November 10, 2014, but Judge Forrest has agreed to his request for a postponement. Drug trafficking and money laundering are just a few of the charges levelled against Ulbricht. Two weeks ago Judge Forrest rejected Ulbricht’s pre-trial motion to dismiss the charges, based on the claim that his Fourth Amendment privacy protections were violated when the FBI “hacked” Silk Road servers without a warrant. The judge ruled that Ulbricht did not sufficiently claim that the server belonged to him, and dismissed Ulbricht’s claim. The trial is now scheduled for January of 2015.

Summary of Industry Initiatives

[VIDEO] Bloomberg: ‘Silk Road Catch-22”

While the media is fixated on highlighting the nefarious actors in Bitcoin, Chamber of Digital Commerce President, Perianne Boring, was interviewed on Bloomberg TV to talk about the legal issues Ross Ulbricht faces as his trial nears: “I think it’s unfortunate that our Constitutional rights are being decided upon legal technicalities…, but this is just the beginning of regulatory challenges for digital currency business.” See the full interview here.

Bitcoin Trader Shuts Down And Loses Customer Funds

Popular bitcoin arbitrage service, Bitcoin Trader, is reporting that they have been hacked and lost customer funds. Bitcoin Trader claims they held $2.2 million in customer’s funds on their website, but is unable to give an exact number of how much was actually lost. “All left to do now is to declare bankruptcy with the Panamanian authorities and to hand over all relevant files and information for further investigation,” said John Carley, the company’s owner. It is not clear what actually happened here, customer solvency concerns began being raised back in June leaving the door open for further investigation. Customers are filing criminal complaints.

Coinbase Hires Former Senate Staffer To Head Governmental Affairs

Last week Coinbase announced that they hired John Collins, Senior Professional Staff Member of the Senate Homeland Security and Governmental Affairs Committee, to join their government affairs team. Collins was the key staffer who spearheaded the first Senate hearing on Bitcoin last November. This is a win for Coinbase, but a loss for the Bitcoin community who now has one less advocate working on the Hill.

Crowdfunding Through The Blockchain Offers Promising Future With Regulatory Headaches

Crowdfunding companies such as Kickstarter, and Indiegogo offer the ability for communities to invest in a project through a trusted third party. Utilizing blockchain technology companies such as Swarm, Koinify, and Lighthouse remove the trusted third party, allowing startups to offer digital currencies that act as shares for investors. Swarm, and Koinify have both raised $1 million in funding for startups that work on blockchain technology, while Lighthouse seeks to fund groups for Bitcoin core development, and lobbying efforts. Although this issue may be promising for decentralized funding, there are issues of legality for offering digital tokens of equity with the SEC. Legal issues aside, other companies such as Overstock and Reddit plan on offering similar style tokens to those who invest in their funding.

Bitcoin Users Get First Dibs On Bitcoin Bowl Tickets

Tickets to the St. Petersburg’s Bitcoin Bowl went on sale last week in Bitcoin, but won’t be available in other currencies until the first of November. BitPay, bitcoin payment processor and event sponsor, is working to transform the Florida area into a Bitcoin hotspot by recruiting local merchants to accept bitcoin payments. BitPay also partnered with Traveling Coin to arrange their accommodations in bitcoin.

AEI Fellow Bret Swanson Foresees A ‘Bit Bank’ Not Apple Pay As The Banking Disruptor

In American Enterprise Institute (AEI) publication, TechPolicyDaily, Bret Swanson outlines that the recent release of Apple Pay illustrates “that banking is ripe for disruption;” especially considering that “Dodd-Frank is dragging the banking industry into highly regulated arms of the government.” However, Swanson says that when Bitcoin is added to the mix, “big things will begin happening fast.” He further goes on to say that a “bit bank” is “coming.” This is significant because AEI is a powerful public policy think-tank in Washington, DC, and has not taken a stance on Bitcoin to date.

Australian Bitcoin Company Closes Due To Double Taxation Burden

Popular Australian Bitcoin service, Living Room of Satoshi, recently announced its closure. The company’s quick end comes as a result of new Bitcoin tax regulations in Australia that essentially charges a Goods and Services Tax twice. The Australian Senate is currently investigating Bitcoin and it is possible that these tax laws will be repealed in the future; however, the unintentional consequences of applying taxes to Bitcoin without an understanding and appreciation for the technology are shaking the industry.

Japanese Exchange, BitFlyer, Raises Money From Silbert To Expand Operations (Not In The US)

Bitflyer, a Japanese Bitcoin exchange, raised $236,000 from Barry Silbert’s Bitcoin Opportunity Corporation to extend its reach across the globe. Yuzo Kano, Bitflyer’s Founder and CEO says it looks to expand into more friendly regulatory markets such as Singapore, but, he added, “It will have to be somewhere favorable to bitcoin, so probably not the US.” Prime Minister Shinzo Abe of Japan has decided to take a more laissez-faire approach towards Bitcoin in their efforts to increase investment in Japanese companies. Larry Silbert believes that while the United States’ knowledge of Bitcoin is still in its infancy, “Japan will be a large market for bitcoin given the tech savvy, financially sophisticated population.”

French Twitter Users Can Now Tweet Money

BPCE, France’s second largest bank, announced a partnership with Twitter last week. The partnership will allow any French consumer, regardless of which bank they use, to tweet money without the recipient’s banking details being known. “Payment by tweets will be managed via the bank’s S-Money service, which allows money transfers via text message and relies on the credit-card industry’s data security standards.” This service has been enabled in Twitter for several months; however, the formal banking partnership illustrates a deeper move into the payment space.

Quote of the Week

“Japan is way ahead of other countries when it comes to cooperation between bitcoin operators and regulators, which you don’t see in the U.S., Europe or Singapore,” Yuzo Kano, Japan Authority of Digital Assets

Tweet of the Week

Whether you love or hate Bitcoin, you should oppose the “BitLicense.” It impedes privacy & innovation. https://t.co/0NtcktLC1R

— EFF (@EFF) October 17, 2014

Las Vegas had a trifecta of Bitcoin conferences last week with Inside Bitcoins, CoinAgenda, and Haser’s United. Overstock and Counterparty announced a strategic partnership to build the first decentralized, peer-to-peer stock exchange. And CoinDesk issued their State of Bitcoin Report for Q3. Lastly, blockchain.info raised $30 million in venture funding, which is the largest haul ever for a bitcoin company.

Click on the headlines for links to the full stories.

Summary of Government Related Initiatives

CFTC Warms Up To Bitcoin

The US Commodities Futures Trading Commission (CFTC) held a public meeting about Bitcoin on Thursday, which was meant to be educational only. This meeting was conveniently staged on the same day TeraExchange executed the first bitcoin derivative transaction after a six months process of becoming self-certified by the CFTC.

Judge Rejects Ross Ulbrich’s Claims That 4th Amendment Rights Were Violated

Ross Ulbrich’s trial begins next month, where he will face charges related to operating the Silk Road website. Last week, Judge Katherine Forrest rejected Ross’ pre-trial motion to dismiss the charges because his Fourth Amendment privacy protections were violated when the FBI “hacked” Silk Road servers without a warrant. The Judge stated that since Ulbrich didn’t sufficiently claim that the server belonged to him, “he has not provided the Court with the minimal legal basis necessary to pursue these assertions.” According to Civil Liberties Stanford Law professor Jennifer Granick, the FBI’s ability to hack a website abroad without a warrant has never been established in court and is a blow to the privacy rights community.

Andreas Antonopoulos Testifies At Canadian Senate Banking Committee

The Canadian Senate Committee on Banking, Trade, and Commerce held their 11^th meeting on bitcoin last week and Andreas Antonopoulos was the sole witness. Members of the Committee grilled him for nearly two hours about innovation, security, and regulation. Antonopoulos impressively laid out a legitimate case to forego government regulation of bitcoin, “We cannot protect consumers by removing their ability to control their own privacy and then asking them to entrust it in the same intermediaries who have failed them so many times before,” he said.

Bitcoin Foundation Files BitLicense Comments

The Bitcoin Foundation filed comments with the New York Department of Financial Services on the proposed BitLicense rules and regulations last week, where they propose “technology-specific” regulation that makes clear distinctions between blockchain technology and traditional financial services providers. Back in August, the Foundation also requested from DFS a copy of the “[e]xtensive research and analysis” performed that validates the need for such regulations. DFS has not yet supplied it, but said they may release it in December, well after the comment period is closed.

Summary of Industry Initiatives

Blockchain’s $30 Million Raise

Blockchain, the largest bitcoin wallet provider and blockchain explorer, just announced a $30 million venture capital funding round. Led by Lightspeed Venture Partners and Wicklow Capital, this was Blockchain’s first funding round. Blockchain’s president Peter Smith said for “the first time ever, we are going to spend money on marketing.” The team will use the new funds to build up their engineering team.

Bitcoin Miner Bitfury Raises $20 Million

Bitfury, the Bitcoin mining hardware manufacturer, announced last week that they raised $20 million in a pre-Series B round to help develop its new and improved 28nm ASIC chip. The mining company plans on expanding its mining facilities to 100 megawatts, compared to other mining companies like MegaBigPower, which has mining centers between 1 and 5 megawatts.

Draper Leads Snapcard $1.5 Mil Round To Compete With BitPay and CoinBase

Snapcard, a Bitcoin startup that allows users to use Bitcoin for purchasing goods and services online that currently do not accept digital currencies, has raised $1.5 million in funding from Tim Draper and Insikt Capital. The payment processor accepts Bitcoin, Litecoin, Dogecoin, and Ripple, and in return sends the merchant their fiat currency of choice. Snapcard faces heavy competition from more established payment processors, BitPay, and Coinbase. However, Draper said that Snapcard’s innovative product, and its global ambitions, make it a “force to be reckoned with in the payments space.”

Overstock Teams Up With Counterparty For Decentralized Stock Exchange

Patrick Byrne, CEO of Overstock.com, announced in his Keynote at Inside Bitcoins Las Vegas that Overstock is partnering with Counterparty on the front-end portal of the decentralized stock exchange. Recently, Counterparty hired new developers to work on this project, plus others. Patrick Byrne was one of the earliest public CEO’s to embrace Bitcoin and has been interested in this concept since June 2014. The stock exchange’s codename is Medici and already both Robby Dermody and Evan Wagner of Counterparty have moved to Utah, where Overstock is headquartered, to work on the project.

Libra Raises $500,000 To Build Bitcoin Tax Compliance Software
Almost coincidentally coinciding with the October 15 tax extension deadline (that many bitcoin users have taken advantage of), Libra just announce that they raised $500,000 in seed funding to further build up their tax compliance software, LibraTax. Since the IRS has stated that bitcoin should be treated as property as opposed to currency for federal tax purposes, capital gains and losses must be reported and taxed. LibraTax will offer reporting services for CPAs and individuals to help make this process less burdensome and time consuming. Liberty City Ventures, Raport Ventures’ James Pallotta, and BitGo’s Ben Davenport all participated in the seed round.

eSpend and Cryptsy Join Forces

Last week eSpend and Cryptsy announced a new partnership that will bring roughly 90 altcoins to the Ripple network. Ripple is an open-sourced payments protocol (kind of like bitcoin), eSpend is a financial technology company, and Cryptsy is an altcoin exchange. Paul Vernon, CEO of Cryptsy, said ““We have been wanting to get XRP on Cryptsy for a long time now.” XRP is Ripple’s native currency.

Advocacy Groups Fighting Child Exploitation Call For Bitcoin To Be Regulated

Bloomberg reports that the Internet Watch Foundation “has discovered almost 200 [child porn] websites that accept bitcoin… and more than 30 sites accept only bitcoin.” Headlines reminiscent of the early Internet, Bitcoin continues to face reputational challenges. The Digital Economy Task Force, which fights online child exploitation, is requesting that countries apply anti-money laundering laws to digital currencies.

Photo of the Week

Our photo of the week is a screen shot from the iTunes store with the The Rise and Rise of Bitcoin as the number three top documentary.

 Quote of the Week

“Bitcoin’s decentralized nature affords consumer protection in the most powerful and direct way – by allowing bitcoin users direct control over the privacy of their financial transactions.” – Andreas Antonopoulos

Tweet of the Week

Overstock Hires CounterParty Devs to Build Decentralized Stock Exchange: http://t.co/12Q5oGJ3Fv via @ecalouro for @newsbtc

— Counterparty (@CounterpartyXCP) October 7, 2014

In Bitcoin fashion – send a tip to the Boring Bitcoin Address: 12LFcP4HgHMecskwLQXaRKJuHR21xgvQm8

 

The price of bitcoin took a hard hit this week. On Sunday, the price was down 18.44% on Bitstamp (Slovenia-based exchange), 17.23% on BTC-e (Bulgaria-based exchange), and 5.4% on itBit (Singapore-based exchange) testing the $300-levels. This morning, the price is slightly up, around $340, after a sale order of 26,000 bitcoins was placed on Bitstamp.

Bitcoin’s recent volatility provides a unique buying opportunity. This past week (hope you had your helmets and seatbelts on) has been something akin to a “micro-clearance sale,” which we may not see again unless demanding regulatory clouds roll in.

Click on the headlines for links to the full stories.

Summary of Government Related Initiatives

FinCEN Director Jennifer Calvery Interviews With CoinDesk

While she is skipping the Money 20/20 conference in November, Director Calvery gives a clear sign to the bitcoin community that FinCEN is closely monitoring the industry. FinCEN is almost exclusively focused on anti-money laundering and anti-terrorism. Money Service Businesses must register with FinCEN and comply with reporting obligations. Director Calvery says it is “unfortunate” that there are bitcoin exchanges who think they are operating under the radar. Some believe this interview could be foreshadowing an enforcement action.

Chamber of Digital Commerce Receives IRS Recognition

The Chamber of Digital Commerce has received approval from the Internal Revenue Service as a Tax-Exempt Non-Profit organization under section 501(c)(6) of the Internal Revenue Code. The Digital Chamber is now federally recognized as a business league that promotes the digital currency and digital asset industries. “To have the IRS recognize our organization is a big step for the digital currency industry and brings an added level of credibility to our efforts in Washington,” said Perianne Boring, Digital Chamber President.

Lucas Overby On the Future Of Bitcoin

Lucas Overby, Libertarian candidate running for US House of Representatives in Florida, published an op-ed in Cointelegraph last week. Not only is Overby accepting bitcoin contributions for his campaign, he has laid out a regulatory strategy which includes moving government to redefine bitcoin as a commodity as opposed to a currency. Overby sees the future of bitcoin in the power of the blockchain, which provides endless opportunities for innovation – above and beyond currency.

Summary of Industry Initiatives

Circle Launches Globally

Circle, the digital currency banking provider, publicly launched their much anticipated online platform last week. After months of operating in a private beta, the company now has support for customers who speak English, Chinese, Japanese, Portuguese (Brazilian), Spanish (Latin American), German, and French. Circle also offers 100 percent insurance on deposits. In addition, their iOS and Android apps will be available in the near future.

Coinbase Expands European Operations

Coinbase, the California based bitcoin e-wallet provider and platform for merchants and customers, expanded services into five more European countries last week; Ireland, Sweden, Denmark, Switzerland and Poland. Coinbase launched their European operations about a month ago, and today are operating in 19 European countries. Coinbase also increased their daily buying limit from 500 to 2000 euros for customers in France, Italy, Spain, Belgium, Netherlands, and Finland. The opportunity with Bitcoin is global / local, meaning building local onramps is critical in driving adoption in both developed and developing economies.

Bitcoin Is Getting Bigger In Spain

Merchants in Spain and specifically Madrid are becoming increasingly accepting of bitcoin. More than forty merchants and bitcoin services are being offered in Madrid most of which are part of Calle Bitcoin (Bitcoin Street). The first Robocoin ATM has even made its debut in Spain at One Shot Recoletos 04 Hotel. The One Shot Hotel chain will also become the first hotel chain in Spain to begin accepting bitcoin. Bitcoin Spain and One Shot Hotels are currently organizing an event to be held on October 22 to announce the ATM and acceptance of bitcoin at their hotels.

Coinapult Raises $775,000 In Venture Capital

Coinapult announced last week that they raised $775,000 from several notable Bitcoin investors including Roger Ver and Barry Silbert’s Bitcoin Opportunity Corporation. Coinapult was started in 2011 by Ira Miller and Erik Voorhess, and is an e-wallet provider that offers the ability to instantly convert Bitcoin to Euros, and US Dollars. This round of funding will be put towards further developing Coinapult’s platform.

Bitcoin Shop Expands To Different Bitcoin Markets

Bitcoin Shop, Inc., a public company that operates the online marketplace BitcoinShop.us, made two strategic investments this week to expand their goal of building a “universal digital currency ecosystem.” Last week they invested $40,000 into Hashmaster Tech, a bitcoin mining company, with hopes that this will increase the company’s cash flow. Two days later, Bitcoin Shop announced a $50,000 investment in Coin Outlet, a bitcoin kiosk manufacturer.

Epiphyte Takes Home $50,000 Prize At Sibos

Sibos, an annual conference operated by the SWIFT International Banking Operations Seminar for the financial services industry, was held in Boston last week. Epiphyte, the digital currency finance company, won the SWIFT Innotribe Startup Challenge taking home the $50,000 grand prize. According to Edan Yago, Epiphyte CEO, “We are building the bridge between established finance and cryptofinance” by allowing existing banking systems to communicate with digital currency networks.

This Couple Made Bitcoin History by Becoming the First to Wed Via the Blockchain

The Bitcoin blockchain is a public ledger that records all transactions on the Bitcoin network, which also enables one to inscribe messages and contracts within a transaction, such as a marriage certificate. On Saturday, October 5, David Mondrus, Bitnation advisor, married Joyce Bayo via the blockchain using a CoinOutlet kisok. Jeffrey Tucker, the author, and publisher of Liberty.me, officiated the first blockchain marriage.

The Boring Bitcoin Calendar

InsideBitcoins Las Vegas

October 5 – 7, 2014, Las Vegas, NV

The Inside Bitcoins Conference will be held this week at the Flamingo Hotel & Casino. Topics for the conference range from Bitcoin startups, investing, mining, equipment, altcoins and more. The first 300 paid attendees will receive $50 in Bitcoin. Speakers include Patrick Byrne, CEO of Overstock.com, Bobby Lee CEO of BTC China, and Perianne Boring, the President and Founder of the Chamber of Digital Commerce. Perianne will be speaking on a panel called, “Building an Effective Compliance Program and Managing Regulatory Expectations” on October 6th at 4:00pm. The Chamber of Digital Commerce is happy to announce that they are partnering with the Inside Bitcoins Conference and Expo, and if readers are interested in attending they can enter code CHAMBER to receive 10% OFF Gold and Silver Passports. Register Now! http://insidebitcoins.com/las-vegas/2014/register?utm_source=boringbitcoinreport&utm_medium=email&utm_campaign=partneriblasvegasboring(Register now url)

CoinAgenda Investor Conference

October 7 – 9, 2014, Las Vegas, NV

CoinAgenda will debut the first conference dedicated exclusively to Bitcoin and cryptocurrency investors. CoinAgenda will comprise two events in one. The first is a high-end conference for accredited and sophisticated investors seeking the latest knowledge and trends in bitcoin investing, and will be taught by some of the biggest names in the Bitcoin industry. The second is a concurrent event sponsored by BitAngels, the world’s largest angel network for investing in Bitcoin companies. The focus will be on investment in bitcoin and cryptocurrency companies, but it will also serve as the first global conference for the 500-person angel group.

CFTC Public Meeting on Bitcoin

October 9, 2014, Washington, DC

The Commodities Futures Trading Commission (CFTC) will hold their first public meeting on bitcoin to discuss the Commission’s role in regulating derivatives contracts that use bitcoin. The meeting is open to the public for viewing either in person, or through a live video stream at www.cftc.gov.

Rise and Rise of Bitcoin Documentary Goes On Sale

October 10, 2014, iTunes

The first ever Bitcoin documentary, The Rise and Rise of Bitcoin, goes on sale on iTunes this Friday, October 10. The documentary features Daniel Mross, 35 year old computer programmer and bitcoin miner from Pittsburgh. It includes interviews with some of the most prominent bitcoin players including Tyler and Cameron Winklevoss, Mark Karpeles, former Mt. Gox CEO, and Charlie Shrem, indicted CEO of BitInstant. If the documentary receives enough pre-orders, Apple will put the film on the front page of the iTunes store. You can pre-order The Rise and Rise of Bitcoin here.

Tweet of the Week

For anyone complaining about the current price of bitcoin, remember it has more than doubled over the last 12 months. pic.twitter.com/FVv18UuODW

— Roger Ver (@rogerkver) October 5, 2014

Picture of the Week

Quote of the Week

“Bitcoin is better than currency in that you don’t have to be physically in the same place and of course for large transactions currency can get pretty inconvenient.” -Bill Gates

In Bitcoin fashion – send a tip to the Boring Bitcoin Address: 12LFcP4HgHMecskwLQXaRKJuHR21xgvQm8